A story about the emergence of money (also part of Economy 101):
The Economic Organisation of a P.O.W. Camp by R. A. Radford, Economica, vol. 12, 1945
Unfamiliar Expressions Used in the article:
Radford uses British expressions that were in common use after World War II. Some of these are still in use in Britain. Others are not. Bully is canned beef. Treacle is molasses. Oflags, short for
Offizierslagers, are POW camps for officers. The BRCS is the British Red Cross Society. Money is
clipped when metal is trimmed from the edges of coins. It is sweated when heat is applied to remove the metal. Points are electrical contacts.
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"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved." |
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